by Market Overview:
The fashion ecommerce market allows customers to shop for a wide variety of apparel, footwear, and accessories online from the comfort of their homes. Products available on fashion ecommerce platforms range from budget-friendly to luxury items. Customers can browse through catalogs, read reviews, compare prices and colors easily online before making a purchase decision. The convenience of online shopping has helped the expansion of the global fashion ecommerce industry.
The Global Fashion Ecommerce Market Size Is Estimated To Be Valued At US$ 691.56 Bn In 2024 And Is Expected To Exhibit A CAGR Of 13.% Over The Forecast Period 2024-2031.
Key Takeaways
Key players operating in the global fashion ecommerce market are Alibaba, Amazon, Flipkart, Myntra, Rakuten, Zalora, Lazada, Shopee, JD.Com, Club Factory, Shein, Namshi, Noon, Nykaa, Ajio, Tmall, Farfetch, Asos, Zozo, Ssense, And Others.
The growing adoption of smartphones and proliferation of internet across the world has boosted online shopping. Wide product choices available coupled with lucrative discounts and cashback offers have increased customers’ fashion product purchase online. The growing millennial population base is favoring online shopping over traditional brick and mortar stores for latest fashion trends.
The global players are expanding aggressively across region by partnering with local players. For instance, Rakuten has partnered with India’s Flipkart while Alibaba has invested in India’s Flipkart and Paytm. The cross-border trade is growing significantly with online retailers offering global delivery of products. This has helped smaller brands gain access to international markets.
Market Key Trends
Personalization is one of the major trends gaining traction in the global fashion ecommerce market. Retailers are focusing on tailoring the shopping experience basis customers’ past browsing history, purchase patterns, reviews, size, fit preferences etc. This helps in improving customer retention by recommending personalized product options. Technologies like AI, virtual and augmented reality are being leveraged by platforms to enable clients to virtually try apparels and accessories before purchase. Such personalized experiences are expected to drive higher customer engagement on fashion ecommerce platforms.
Porter’s Analysis
Threat Of New Entrants: Low capital requirements with the online platform allow startups to enter the global fashion ecommerce market easily. However, established players have strong brand image and supply chain infrastructure which create entry barriers.
Bargaining Power Of Buyers: Buyers have high bargaining power due to availability of variety of options from different sellers on the online platforms. Product reviews and recommendations help buyers to make informed choice.
Bargaining Power Of Suppliers: A few dominant apparel brands and retailers constitute most of the supply in the global fashion ecommerce market. This gives them significant power to negotiate pricing and other terms with online retailers.
Threat Of New Substitutes: New options in fashion such as rental, resale and personalized clothing emerge as substitutes. However, buyers still prefer owning favorite fashion items over renting.
Competitive Rivalry: Intense competition among major online fashion portals to capture market share through unique collections, frequent sales, loyalty programs and faster deliveries.
Geographical Regions
In terms of value, the Asia Pacific region accounts for more than 40% share of the global fashion ecommerce market led by China, India and Japan. China alone contributes over 25% to the global market size owing to large population size, rising internet and smartphone penetration, favorable government policies.
The Middle East and Africa region is expected to witness the fastest CAGR during the forecast period due to growing youth population, rising disposable incomes and increasing investments by online retailers to tap into the market potential. Countries like Saudi Arabia, South Africa, UAE are emerging as key markets.
What are the key data covered in this Global Fashion Ecommerce Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Fashion Ecommerce Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Fashion Ecommerce Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Global Fashion Ecommerce Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Fashion Ecommerce Market vendors
FAQ’s
Q.1 What are the main factors influencing the Global Fashion Ecommerce market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Fashion Ecommerce Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Fashion Ecommerce market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
